Paragraph 8

(1)

A local authority’s relevant amount shall be the amount, if any, by which the authority’s adjusted credit ceiling on the last day of the immediately preceding financial year exceeds the amount, if any, by which amount A exceeds amount B.

(2)

Amount A is the aggregate of–

(a)

so much of the amount determined in accordance with paragraph 8(1)(a) of Schedule 3 to the Act as is in respect of advances falling within regulation 25(1)(b);

(b)

the amount determined in accordance with paragraph 8(1)(b) of Schedule 3 to the Act; and

(c)

so much of the amount of any supplementary credit approvals falling within section 54(5) as has been used by the authority as mentioned in section 56(3) in any financial year preceding the current financial year.

(3)

Amount B is the aggregate of–

(a)

any amounts set aside in any financial year preceding the current financial year by the authority by virtue of regulations 25(1)(b) and (2)(c) and 26(1)(b) and (c) and (2)(c); and

(b)

if, by virtue of paragraph 15(2) or 16(2) of Schedule 3 to the Act, the authority’s minimum revenue provision for any financial year preceding the current financial year is nil, any amounts which would have been set aside by the authority in such a year by virtue of regulations 25(1)(b) and (2)(c) and 26(1)(b) and (c) and (2)(c) if the authority’s initial credit ceiling or, as the case may be, the authority’s credit ceiling had been greater than nil.